Macatawa Bank Appoints Jill Walcott as President Amid Growth Strategy
Portfolio - People | Feb 07, 2025 | EIN
Macatawa Bank has appointed Jill Walcott as its new president following its merger into Wintrust Financial Corp. a few months ago. Walcott will continue her role with little change in duties, having effectively served the same function for years. Macatawa Bank, now operating under the larger umbrella of Wintrust Financial, has set goals to enhance community involvement and tap into new opportunities for loans and deposits through partnerships within Wintrust's network. The merger introduces Wintrust to Michigan, setting the stage for future statewide expansion. Wintrust Financial, ending the year with $64.8 billion in assets, remains active in the M&A space, seeking further growth opportunities.
Sectors
- Banking and Finance
- Mergers and Acquisitions
Geography
- United States – Macatawa Bank and Wintrust Financial operate within the U.S., with key strategic interests in Michigan and Illinois.
- Michigan – Macatawa Bank is based in Michigan, and the merger marks Wintrust Financial's entry into the Michigan market.
- Illinois – Wintrust Financial is headquartered in Illinois, playing a key role in the narrative as the acquiring entity.
Industry
- Banking and Finance – The article involves a merger within the banking sector and discusses financial strategies, making Banking and Finance a relevant industry.
- Mergers and Acquisitions – The merger of Macatawa Bank into Wintrust Financial and the strategic future expansion plans qualify this as pertinent to the Mergers and Acquisitions industry.
Financials
- $510.3 million – The merger consideration for Macatawa Bank into Wintrust Financial.
- $3.28 billion – Total assets of Macatawa Bank reported at the end of 2024.
- $2.73 billion – Total deposits of Macatawa Bank at the end of 2024.
- $64.8 billion – Total assets of Wintrust Financial at year-end 2024.
- $52.5 billion – Total deposits of Wintrust Financial at year-end 2024.
- $183.5 million – Net income reported by Wintrust Financial for 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Macatawa Bank | Target Company | Company | A banking institution based in Michigan, recently merged into Wintrust Financial. |
| Wintrust Financial Corp. | Bidding Company | Company | A financial corporation that has acquired Macatawa Bank to expand its market reach in Michigan. |
| Jill Walcott | New President of Macatawa Bank | Person | Long-time executive at Macatawa Bank, recently appointed as president. |
| Jon Swets | CEO of Macatawa Bank | Person | CEO of Macatawa Bank, providing insights into the merger and strategic direction. |
| Tim Crane | President and CEO of Wintrust Financial | Person | Discusses Wintrust Financial's M&A strategy and growth prospects. |